(55 ILCS 5/6-2002) (from Ch. 34, par. 6-2002)
Sec. 6-2002.
Issuance of notes in anticipation of taxes.
Whenever
there are not sufficient funds on hand to pay obligations
and the Board of Commissioners of the County shall deem it for the best
interest of the County to provide funds for the payment of its obligations
which are either corporate expenses or otherwise, whether due or to accrue
in the then fiscal year, and it shall theretofore have levied taxes for the
payment of such obligations and shall have filed with the proper County
Clerk the necessary evidence of such levy, such County is hereby authorized
to provide funds for such purpose and issue its notes therefor in the
manner provided in this Division, provided, however, that after
January 1, 1930, no notes shall be issued other than for the payment of
corporate and highway expenses.
The Board of Commissioners shall provide for such issue by an
appropriate resolution which shall set forth:
(a) The amount of money to be borrowed and the purpose for which it will
be expended, the estimated revenues and the aggregate appropriations for
such purpose. The purpose need not be stated in detail, but the statement
thereof shall indicate whether such funds are for the payment of general
corporate expenses or for a particular fund, and if for a particular fund
same shall be identified.
(b) The date, rate of interest, place of payment and maturity or
maturities. Such notes may be payable at a bank or at the office of the
County Treasurer.
(c) The amount of warrants or notes theretofore issued under this or any
other act to anticipate the collection of such taxes.
(d) A pledge of so much of such taxes as may be necessary for the
payment of obligations issued hereunder.
(Source: P.A. 86-962.)
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